Economy June 19, 2020 | 7:42 am

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Dominican Republic loses out on US$603.4M in revenue

Santo Domingo.- From January to May the Dominican State stopped receiving RD$35.04 billion (US$603.4 million) in revenue, as a result of the pandemic and the measures applied to aid taxpayers, which affected the tax collection of the three main collector agencies.

In the first five months of 2020, the income of the Internal Revenue Directorate (DGII), the General Directorate of Customs (DGA) and the Treasury fell by 12.6%, compared to the same period last year, falling sharply in April and May.

In that period of this year, the three institutions posted revenue of RD$243.8 billion, lower than the RD$278.8 billion that they managed to collect between January and May 2019, according to DGII statistics.

Customs collections are the most affected, decreasing 19.4%.

When comparing January-May 2019 with the same date this year, Customs income fell by RD$10.9 billion, from RD$56.4 billion last year to RD$45.6 billion in 2020.

Likewise, the DGII’s income fell 18% in the aforementioned period this year, when it equaled that of 2019. If it had collections of RD$208.6 billion between January and May of last year, the figure fell to RD$171.0 billion in the 2020, a net fall of RD$37.6 billion.

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